Grand Venture Tech, Kitchen Culture make management changes

CATALIST-LISTED Grand Venture Technology and Kitchen Culture separately announced management changes on Thursday night.

In a regulatory filing, manufacturing service provider Grand Venture said its chief financial officer (CFO) Wang Leon Kai, 49, has resigned to "pursue other career opportunities".

Mr Wang was appointed to the position on Jan 23, 2019, and his resignation takes effect from Jan 31, 2020. The company said that it expects to appoint a new CFO this March.

In the meantime, an accountant from one of the group's subsidiaries will cover the duties of the CFO, until the new CFO comes on board. The group is also looking into engaging an external financial consultant to review its financials if necessary, it said.

Separately, Kitchen Culture announced that Quek Wey Lon, 53, has been appointed as the group's chief operating officer, effective Jan 10, 2020.

Mr Quek is a member of the Institute of Chartered Accountants in England and Wales, and has a first class honours engineering degree from King's College London.

He was most recently managing director of Sinbor Company, where he worked from September 2012 to December 2019.

In a filing with the Singapore bourse, Kitchen Culture noted that Mr Quek holds about a 3 per cent stake in Serrano, which has entered into a contract with one of the group's subsidiary for an ongoing project. The contract is expected to end in April 2020.

Nonetheless, the board, in consultation with the nominating committee, is of the view that the interests of Mr Quek and his associates in Serrano do not pose any conflict of interest with the group as Mr Quek has confirmed that he and his associates are only passive investors of Serrano, and do not hold any directorship or management role there.

In addition, they do not make any executive decisions for, or participate in the day-to-day management of Serrano, the filing showed.

Grand Venture shares closed unchanged at 27 Singapore cents on Thursday, while shares in Kitchen Culture were flat at 8.1 Singapore cents.